Keith v. Commissioner
United States Tax Court
Prior to and during the years in issue, GIA, a proprietorship owned by P wife, sold residential real property by means of contracts for deed. Under these agreements, the buyers obtained possession; assumed responsibility for taxes, insurance, and maintenance; and became obligated to make monthly payments, with interest, of the purchase price.
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Prior to and during the years in issue, GIA, a proprietorship owned by P wife, sold residential real property by means of contracts for deed. Under these agreements, the buyers obtained possession; assumed responsibility for taxes, insurance, and maintenance; and became obligated to make monthly payments, with interest, of the purchase price. A warranty deed would be delivered to the buyers by GIA only upon full payment, and any default by the buyers prior thereto would render the contracts null and void, with GIA retaining all amounts paid as liquidated damages. In accounting for these…
1Opinion of the Court
JAMES W. AND LAURA L. KEITH, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Keith v. Commissioner
No. 11426-98
United States Tax Court
115 T.C. 605; 2000 U.S. Tax Ct. LEXIS 97; 115 T.C. No. 42;
December 28, 2000, Filed
SWIFT and RUWE, JJ., concur.
Prior to and during the years in issue, GIA, a
proprietorship owned by P wife, sold residential real property
by means of contracts for deed. Under these agreements, the
buyers obtained possession; assumed responsibility for taxes,
insurance, and maintenance; and became obligated to make monthly
payments, with interest, of the purchase price. A…
2Cases cited29 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- United States v. National Bank of CommerceSupreme Court of the United States · 1985
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Grodt & McKay Realty, Inc. v. CommissionerUnited States Tax Court · 1981
- Lucas v. Kansas City Structural Steel Co.Supreme Court of the United States · 1930
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